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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: SKorean bank turns down new loan to Ssangyong Motor AFP - Friday, December 26 SEOUL (AFP) - - The Korea Development Bank (KDB) said Friday it would not provide Ssangyong Motor Co. with new loans unless its Chinese parent company helps the ailing automaker first. The state-run KDB, Ssangyong's main creditor, said Shanghai Automotive Industry Corp. should extend 320 billion won (250 million dollars) of emergency funding to Ssangyong before it will consider providing new loans. The 320 billion won includes 120 billion won Shanghai Automotive should already have paid Ssangyong for technology transfer, a KDB spokesman said. Shanghai Automotive also needed to offer repayment guarantees worth 200 billion won in order for Ssangyong to take up loans already promised by two Chinese banks, the KDB spokesman said. "We've reached a conclusion that Shanghai Automotive must provide help first," the spokesman said. "Only after that will we consider injecting new money," he said. Shanghai Automotive, however, wants KDB to open a new a line of credit and has demanded Ssangyong make wage cuts and redundancies -- a move strongly opposed by the labour union. The Chinese owner has reportedly threatened to abandon the troubled automaker unless its demand is met. Ssangyong CEO Choi Hyung-Tak reportedly said the Chinese parent may decide to pull out in January. Choi said Ssangyong, the country's smallest carmaker, could face a critical period early next year when a massive amount of debt matures. For the third quarter Ssangyong, acquired by Shanghai Automotive in 2004, posted a net loss of 28.2 billion won, the fourth consecutive quarterly loss. The company says it expects a net loss of more than 100 billion won this year due to a slump in demand. Ssangyong halted production for two weeks from December 17 and said it would be unable to pay workers on time this month due to a lack of funds. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Greentown China to buy stake in Japan's Pacific-mediaReuters - 48 minutes ago Toyota recalls 122,000 cars in China over steering defects: govtAFP - 2 hours 30 minutes ago Chinese appliance tycoon's company post suspendedAP - 2 hours 54 minutes ago Australian retailers expect bumper sales despite crisisAFP - Friday, December 26 Related Articles: Business SKorean Constitutional Court endorses US beef importsAFP - 8 minutes ago Wockhardt seeks shareholder nod to raise 5 bln rupeesReuters - 14 minutes ago Sinopec finishes building Zhenhai commercial storageReuters - 16 minutes ago GLOBAL MARKETS-Nikkei hits 6-wk high as risk appetite improvesReuters - 18 minutes ago Turkey's Grundig says signs TV deal with SonyReuters - 19 minutes ago Enlarge Photo SKorean bank turns down new loan to Ssangyong Motor Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US sees no holiday cheer; Russia, China warn of grim 2009 Actress Jennifer Aniston appears naked in GQ magazine Australian 'mummy smuggler' arrested in Cairo Guinea PM turns himself in at military camp Weather outside frightful for US, Canada travelers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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